The Nigerian Senate has warned Ministries, Departments and Agencies (MDAs) funded by the federal government but have failed to remit 100 per cent of their Internally Generated Revenue (IGR) into the Consolidated Revenue Fund (CRF) to desist from the act.
The warning was issued by Chairman, Senate Committee on Finance, Solomon Adeola (APC-Lagos) in Lagos on Friday, stating that it will no longer be business as usual on generation and remittance of IGR for agencies that can generate more funds.
Speaking at the ongoing public hearing with revenue-generating agencies on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), Senator Adeola said agencies with the capacity should contribute to government coffers.
He also stated that the Senate would enact a law to ensure 70 per cent and 30 per cent retaining and remittance ratio of self-funded agencies and instructed MDAs partially funded by the government to now remit 50 per cent of their IGR to the CRF.
While at it, he raised the IGR target of the Nigerian Mining Cadastre Office (NMCO) from N4.5 billion projection to N15 billion for the 2022 fiscal year.
According to him, the IGR profile of NMCO for 2021 showed it had so far generated N3.1 billion as of June, hence the target increase and he urged NMCO to block all financial loopholes militating against the revenue profile of the organisation.
The senator then increased the IGR projection of the News Agency of Nigeria (NAN) to N250 million for the 2022 fiscal year from its projection of N149 million, noting that NAN must also remit 100 per cent of its IGR to the CRF.
He raised the IGR projection for the Federal Road Safety Commission (FRSC) to N15 billion against what was projected in 2021 by the FRSC, while urging the Agency to pay the differences in the revenue collected on behalf of the federal government from fees generated from charges on driver’s licences from 2016 – 2021 within seven days.
Other agencies that made presentations on their IGR profile and projections for the 2022 budget year at the public hearing include the Infrastructure Concession Regulatory Commission (ICRC) and the Nigerian Airspace Management Agency (NAMA).